Agenda - Council - 08/13/2013 - Laserfiche WebLink

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Section 5.26 [Reserved,) Section 5.27 [Reserved.' Section 5,28 [Reserved.] Section 5.29 [Reserved.] Section 5.30 [Reserved.] Section 5.31 [Reserved.] Section 5.32 [Reserved.) Section 5.33 [Reserved.) Section 5.34 Creation of the Capita! Improvement Fund. There is hereby created and established with the Trustee a trust fund in the name of the Issuer to be designated "City of Ramsey, Minnesota Lease Revenue Refunding Bonds (PACT Charter School Project) Series 2013 Capital Improvement Fund." Section 5.35 Payments in the Capital Improvement Fund. All Monthly Deposits received by the Trustee from the Company shall be credited to the Capital Improvement Fund. Section 5.36 Use of Moneys in the Capital Improvement Fund. Amounts deposited in the Capital Improvement Fund shall be applied by the Trustee not more often than once each month as requested in a Company request only to the payment of items of repair, improvement, and replacement with respect to the Schoolhouse that constitute capital expenditures under generally accepted accounting principles or which otherwise constitute major periodic repair or maintenance of the Schoolhouse, such as annual painting or re -carpeting of a section of the Schoolhouse (as opposed to incidental repairs such as touch-up painting, replacement of individual carpet tiles, etc.). The Company request shall identify the expenditures to be made by nature and amount, shall identify the contractor or other party making the repairs, improvements, and replacements, and shall certify that the expenditures are proper expenditures to be made or reimbursed from the Capital Improvement Fund. Investment earnings on amounts held in the Capital Improvement Fund shall remain in, and be credited as received to, the Capital Improvement Fund_ Amounts on hand in the Capital Improvement Fund shall be transferred by the Trustee to the Bond Fund, as needed, if, on any Interest Payment Date, the amount then on hand in the Bond Fund, after application of any available amounts in the Reserve Fund, is not sufficient to pay the principal and interest then due on the Bonds, whether at maturity or upon redemption or by acceleration. Amounts, if any, remaining in the Capital Improvement Fund upon the payment in full of all Bonds, or the provision for payment therefor in accordance with the terms of this Indenture, shall be transferred to the Company. Section 5.37 Custody of the Capital Improvement Fund. The Capital Improvement Fund shall be in the custody of the Trustee, but in the name of the Issuer, and the Issuer hereby authorizes and directs the Trustee to withdraw funds from the Capital Improvement Fund for the purposes set forth in Section 5.36 hereof, which authorization and direction the Trustee hereby accepts. 30 5600797v1